Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 26, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34857 | |
Entity Registrant Name | Gold Resource Corporation | |
Entity Incorporation, State or Country Code | CO | |
Entity Tax Identification Number | 84-1473173 | |
Entity Address, Address Line One | 2000 South Colorado Blvd, | |
Entity Address, Address Line Two | Tower One, | |
Entity Address, Address Line Three | Suite 10200, | |
Entity Address, City or Town | Denver, | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80222 | |
City Area Code | 303 | |
Local Phone Number | 320-7708 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | GORO | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 74,531,924 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001160791 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 30,535 | $ 25,405 |
Gold and silver rounds/bullion | 627 | 671 |
Accounts receivable, net | 5,142 | 4,226 |
Inventories, net | 10,485 | 9,995 |
Prepaid expenses and other current assets | 2,916 | 2,576 |
Total current assets | 49,705 | 42,873 |
Property, plant and mine development, net | 63,868 | 62,511 |
Deferred tax assets, net | 991 | 309 |
Other non-current assets | 45 | 41 |
Total assets | 114,609 | 105,734 |
Current liabilities: | ||
Accounts payable | 9,529 | 8,782 |
Income taxes payable, net | 2,471 | 73 |
Mining royalty taxes payable, net | 1,695 | 955 |
Accrued expenses and other current liabilities | 3,417 | 2,275 |
Total current liabilities | 17,112 | 12,085 |
Reclamation and remediation liabilities | 3,179 | 3,098 |
Other non-current liabilities | 1,055 | 13 |
Total liabilities | 21,346 | 15,196 |
Shareholders' equity: | ||
Common stock - $0.001 par value, 200,000,000 shares authorized: 74,531,924 and 74,376,958 shares outstanding at June 30, 2021 and December 31, 2020, respectively | 75 | 75 |
Additional paid-in capital | 85,269 | 84,865 |
Retained earnings | 14,974 | 12,653 |
Treasury stock at cost, 336,398 shares | (5,884) | (5,884) |
Accumulated other comprehensive loss | (1,171) | (1,171) |
Total shareholders' equity | 93,263 | 90,538 |
Total liabilities and shareholders' equity | $ 114,609 | $ 105,734 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 74,531,924 | 74,376,958 |
Treasury stock, shares | 336,398 | 336,398 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Sales, net | $ 30,836 | $ 12,521 | $ 58,104 | $ 34,670 |
Depreciation and amortization | 4,379 | 3,184 | 7,778 | 9,197 |
Reclamation and remediation | 54 | 26 | 105 | 75 |
Total mine cost of sales | 23,956 | 13,821 | 42,649 | 35,842 |
Mine gross profit (loss) | 6,880 | (1,300) | 15,455 | (1,172) |
Costs and expenses: | ||||
General and administrative expenses | 2,134 | 1,796 | 3,715 | 3,601 |
Restructuring expenses | 496 | |||
Stock-based compensation | 197 | 400 | 681 | 870 |
Other expense (income), net | 867 | (1,909) | 553 | (444) |
Total costs and expenses | 3,846 | 422 | 7,300 | 5,140 |
Income (loss) before income taxes | 3,034 | (1,722) | 8,155 | (6,312) |
Provision for income taxes (benefit) | 1,751 | (1,979) | 4,345 | (3,351) |
Net income (loss) from continuing operations | 1,283 | 257 | 3,810 | (2,961) |
Net income (loss) from discontinued operations, net of income taxes | (2,069) | (1,972) | ||
Net income (loss) | $ 1,283 | $ (1,812) | $ 3,810 | $ (4,933) |
Net income per common share: | ||||
Basic and diluted net income (loss) per common share from continuing operations | $ 0.02 | $ 0.05 | $ (0.04) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $ (0.03) | (0.03) | ||
Earnings Per Share, Basic and Diluted | $ 0.02 | $ (0.03) | $ 0.05 | $ (0.07) |
Weighted average shares outstanding: | ||||
Basic | 74,485,672 | 69,985,499 | 74,445,058 | 68,011,860 |
Diluted | 74,987,559 | 69,985,499 | 74,868,187 | 68,011,860 |
Production costs | ||||
Total mine cost of sales | $ 19,523 | $ 10,611 | $ 34,766 | $ 26,570 |
Exploration expenses | ||||
Costs and expenses: | ||||
Total costs and expenses | $ 648 | $ 135 | $ 1,855 | $ 1,113 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Common Shares | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total |
Balance at Dec. 31, 2019 | $ 148,171,000 | $ 16,876,000 | $ (5,884,000) | $ (1,171,000) | $ 158,058,000 | |
Balance (in shares) at Dec. 31, 2019 | 66,027,925 | |||||
Balance at Dec. 31, 2019 | $ 66,000 | |||||
Stock-based compensation | 870,000 | $ 870,000 | ||||
Net stock options exercised (in shares) | 0 | |||||
Common stock issued for vested restricted stock units (in shares) | 35,072 | |||||
Dividends declared | (1,373,000) | $ (1,373,000) | ||||
Issuance of stock, net of issuance costs | $ 4,000 | 11,896,000 | 11,900,000 | |||
Issuance of stock, net of issuance costs (in shares) | 4,334,500 | |||||
Net income loss | (4,933,000) | (4,933,000) | ||||
Balance at Jun. 30, 2020 | 160,937,000 | 10,570,000 | (5,884,000) | (1,171,000) | 164,522,000 | |
Balance (in shares) at Jun. 30, 2020 | 70,397,497 | |||||
Balance at Jun. 30, 2020 | $ 70,000 | |||||
Balance at Mar. 31, 2020 | 158,987,000 | 13,090,000 | (5,884,000) | (1,171,000) | 165,092,000 | |
Balance (in shares) at Mar. 31, 2020 | 69,877,925 | |||||
Balance at Mar. 31, 2020 | $ 70,000 | |||||
Stock-based compensation | 400,000 | 400,000 | ||||
Common stock issued for vested restricted stock units (in shares) | 35,072 | |||||
Dividends declared | (708,000) | (708,000) | ||||
Issuance of stock, net of issuance costs | 1,550,000 | 1,550,000 | ||||
Issuance of stock, net of issuance costs (in shares) | 484,500 | |||||
Net income loss | (1,812,000) | (1,812,000) | ||||
Balance at Jun. 30, 2020 | 160,937,000 | 10,570,000 | (5,884,000) | (1,171,000) | 164,522,000 | |
Balance (in shares) at Jun. 30, 2020 | 70,397,497 | |||||
Balance at Jun. 30, 2020 | $ 70,000 | |||||
Balance at Dec. 31, 2020 | 84,865,000 | 12,653,000 | (5,884,000) | (1,171,000) | 90,538,000 | |
Balance (in shares) at Dec. 31, 2020 | 74,713,356 | |||||
Balance at Dec. 31, 2020 | $ 75,000 | 75,000 | ||||
Stock-based compensation | 346,000 | 346,000 | ||||
Net stock options exercised | $ (217,718) | (263,000) | $ (263,000) | |||
Net stock options exercised (in shares) | 2,177,199 | |||||
Common stock issued for vested restricted stock units (in shares) | 2,614 | |||||
Dividends declared | (1,489,000) | $ (1,489,000) | ||||
Surrender of stock for taxes due on vesting | (205,000) | (205,000) | ||||
Surrender of stock for taxes due on vesting (in shares) | (65,366) | |||||
Net income loss | 3,810,000 | 3,810,000 | ||||
Balance at Jun. 30, 2021 | 85,269,000 | 14,974,000 | (5,884,000) | (1,171,000) | 93,263,000 | |
Balance (in shares) at Jun. 30, 2021 | 74,868,322 | |||||
Balance at Jun. 30, 2021 | $ 75,000 | 75,000 | ||||
Balance at Mar. 31, 2021 | 84,966,000 | 14,436,000 | (5,884,000) | (1,171,000) | 92,422,000 | |
Balance (in shares) at Mar. 31, 2021 | 74,775,604 | |||||
Balance at Mar. 31, 2021 | $ 75,000 | |||||
Stock-based compensation | 205,000 | 205,000 | ||||
Net stock options exercised | 98,000 | 98,000 | ||||
Net stock options exercised (in shares) | 92,718 | |||||
Dividends declared | (745,000) | (745,000) | ||||
Net income loss | 1,283,000 | 1,283,000 | ||||
Balance at Jun. 30, 2021 | $ 85,269,000 | $ 14,974,000 | $ (5,884,000) | $ (1,171,000) | 93,263,000 | |
Balance (in shares) at Jun. 30, 2021 | 74,868,322 | |||||
Balance at Jun. 30, 2021 | $ 75,000 | $ 75,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 3,810 | $ (4,933) |
Net loss from discontinuing operations | (1,972) | |
Net income from continuing operations | 3,810 | (2,961) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Deferred income taxes | (699) | (4,597) |
Depreciation and amortization | 7,855 | 9,315 |
Stock-based compensation | 681 | 870 |
Other operating adjustments | 441 | (359) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (916) | 5,098 |
Inventories | (391) | 542 |
Prepaid expenses and other current assets | (1,015) | (426) |
Accounts payable and other accrued liabilities | 3,254 | (1,949) |
Mining royalty and income taxes payable, net | 3,109 | 159 |
Net cash provided by operating activities from continuing operations | 16,129 | 5,692 |
Cash flows from investing activities: | ||
Capital expenditures | (9,333) | (4,404) |
Net cash used in investing activities from continuing operations | (9,333) | (4,404) |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 263 | |
Proceeds from issuance of stock | 11,900 | |
Dividends paid | (1,737) | (1,357) |
Cash related to the Spin-off | (269) | |
Other financing activities | 3 | |
Net cash (used in) provided by financing activities from continuing operations | (1,471) | 10,274 |
Effect of exchange rate changes on cash and cash equivalents from continuing operations | (195) | (155) |
Cash flows from discontinued operations: | ||
Net cash used in operating activities | 0 | (2,031) |
Net cash used in investing activities | 0 | (6,195) |
Net increase in cash and cash equivalents | 5,130 | 3,181 |
Cash and cash equivalents of continuing operations at beginning of period | 25,405 | 10,210 |
Cash and cash equivalents of continuing operations at end of period | $ 30,535 | $ 13,391 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Information Continuing Operations | ||
Interest expense paid | $ 13 | |
Income and mining taxes paid | $ 2,233 | 1,066 |
Non-cash investing activities: | ||
Change in capital expenditures in accounts payable | 502 | $ (1,602) |
Change in estimate for asset retirement costs | $ 7 |
Basis of Preparation of Financi
Basis of Preparation of Financial Statements | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Preparation of Financial Statements | |
Basis of Preparation of Financial Statements | 1. Basis of Preparation of Financial Statements The interim Condensed Consolidated Financial Statements (“interim financial statements”) of Gold Resource Corporation and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted as permitted by such rules, although the Company believes that the disclosures included are adequate to make the information presented not misleading. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 included in the Company’s annual report on Form 10-K. The year-end balance sheet data was derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s annual report on Form 10-K. Certain items in the prior period’s Condensed Consolidated Financial Statements have been reclassified to conform to the current presentation. These reclassifications were mostly related to Discontinued Operations and separate presentation of stock-based compensation. |
Recently Adopted Accounting Sta
Recently Adopted Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Recently Adopted Accounting Standards | |
Recently Adopted Accounting Standards | 2. Recently Adopted Accounting Standards Recent accounting pronouncements issued have been evaluated and do not presently impact our financial statements and supplemental data. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations | |
Discontinued Operations | 3. Discontinued Operations On December 31, 2020, the Company completed its spin-off of its wholly-owned subsidiary Fortitude Gold Corporation and its subsidiaries (“FGC” or “Nevada Mining Unit”). FGC is presented as discontinued operations in the Company’s Condensed Consolidated Financial Statements. Results of discontinued operations for the three and six months ended June 30, 2020, are as follows ( in thousands For the three months ended June 30, For the six months ended June 30, 2020 2020 (Unaudited) (Unaudited) Sales, net $ 8,576 $ 14,433 Mine cost of sales 8,858 15,158 Mine gross loss (282) (725) Exploration expenses 416 593 Other expense, net 62 110 Loss before income taxes (760) (1,428) Income tax expense 1,309 544 Net loss from discontinued operations $ (2,069) $ (1,972) Selected Statements of Cash Flows presenting depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of FGC were as follows: For the three months ended June 30, For the six months ended June 30, 2020 2020 (Unaudited) (Unaudited) Cash flows from discontinued operating activities: Net income $ (2,069) $ (1,972) Adjustments to reconcile net income to net cash from discontinued operating activities: Deferred income taxes 1,309 544 Depreciation and amortization 1,860 3,282 Other operating adjustments 4 (7) Changes in operating assets and liabilities: Accounts receivable 70 (99) Inventories (1,030) (2,816) Prepaid expenses and other current assets (93) (11) Other non-current assets (1,187) (256) Accounts payable and other accrued liabilities 334 (696) Net cash used in discontinued operating activities (802) (2,031) Cash flows from discontinued investing activities: Capital expenditures (2,748) (6,195) Net cash used in discontinued investing activities (2,748) (6,195) Cash flows from discontinued financing activities: Cash transferred from Gold Resource Corporation prior to Spin-off 3,984 8,492 Repayment of loans payable (219) (435) Repayment of finance leases (109) (216) Net cash provided by discontinued financing activities 3,656 7,841 Supplemental Cash Flow Information Discontinued Operations Non-cash investing activities: Change in capital expenditures in accounts payable $ (2,034) $ (1,518) Change in estimate for asset retirement costs $ 662 $ 1,097 Effective December 31, 2020, in connection with the Spin-Off, the Company entered into an agreement with FGC that governs the relationship of the parties following the Spin-Off. The Management Services Agreement provided that the Company and its subsidiaries provide services to FGC to assist in the transition of FGC as a separate company. The agreed upon charges for services rendered were based on market rates that align with the rates that an unaffiliated service provider would charge for similar services. Due to the successful development of FGC’s own corporate, administrative, and technical capabilities, the Company terminated the Agreement effective on May 21, 2021. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue | |
Revenue | 4. Revenue The Company derives its revenue from the sale of doré and concentrates. The following table presents the Company’s net sales for each period presented, disaggregated by source: For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Doré sales, net Gold $ 2,695 $ 1,891 $ 5,182 $ 3,660 Silver 228 678 605 1,354 Less: Refining charges (20) (110) (91) (145) Total doré sales, net 2,903 2,459 5,696 4,869 Concentrate sales Gold 7,671 2,467 14,195 8,683 Silver 6,951 2,566 13,264 7,781 Copper 3,714 1,198 7,100 3,559 Lead 2,595 1,750 5,000 5,229 Zinc 9,240 5,176 18,006 14,216 Less: Treatment and refining charges (2,907) (3,301) (5,791) (9,135) Total concentrate sales, net 27,264 9,856 51,774 30,333 Realized/unrealized gain (loss) embedded derivative, net 669 206 634 (532) Total sales, net $ 30,836 $ 12,521 $ 58,104 $ 34,670 |
Gold and Silver Rounds_Bullion
Gold and Silver Rounds/Bullion | 6 Months Ended |
Jun. 30, 2021 | |
Gold and Silver Rounds/Bullion | |
Gold and Silver Rounds/Bullion | 5 . Gold and Silver Rounds/Bullion The Company sponsored a dividend exchange program under which shareholders may exchange their cash dividends for minted gold and silver rounds. The Company determined to discontinue its dividend exchange program effective Q3 2021 due to its costly nature and limited shareholder participation. No purchases of gold and silver occurred during the current period. At June 30, 2021 and December 31, 2020, the Company’s holdings and value of rounds/bullion, using quoted market prices, consisted of the following: As of June 30, 2021 As of December 31, 2020 (Unaudited) Ounces Per Ounce Amount Ounces Per Ounce Amount (in thousands) (in thousands) Gold 184 $ 1,763 $ 325 189 $ 1,888 $ 357 Silver 11,725 $ 25.77 302 11,842 $ 26.49 314 Total holdings $ 627 $ 671 |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2021 | |
Inventories, net | |
Inventories, net | 6. Inventories, net At June 30, 2021 and December 31, 2020, inventories, net, consisted of the following: As of As of June 30, December 31, 2021 2020 (Unaudited) (in thousands) Stockpiles - underground mine $ 651 $ 648 Stockpiles - open pit mine - 41 Concentrates 2,098 1,919 Doré, net (1) 344 459 Subtotal - product inventories 3,093 3,067 Materials and supplies (2) 7,392 6,928 Total $ 10,485 $ 9,995 (1) Net of reserve of nil and $368 at June 30, 2021 and December 31, 2020, respectively. (2) Net of reserve for obsolescence of $209 both as of June 30, 2021 and December 31, 2020 . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Taxes | |
Income Taxes | 7. Income Taxes The Company recorded an income tax expense of $1.8 million and $4.3 million for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2020, the Company recorded an income tax benefit of $2.0 million and $3.4 million, respectively. In accordance with applicable accounting rules, the interim provision for taxes is calculated using the estimated consolidated annual effective tax rate. The consolidated effective tax rate is a function of the combined effective tax rates for the jurisdictions in which the Company operates. Variations in the relative proportions of jurisdictional income could result in fluctuations to the Company’s consolidated effective tax rate. At the federal level, the Company’s income in the U.S. is taxed at 21% and a 5% withholding tax applies to dividends received from Mexico. The U.S. tax results are combined with the Company’s income in Mexico, taxed at 37.5% (30% income tax and 7.5% mining tax), and in Canada at 26.5%, which results in a consolidated effective tax rate above statutory U.S. Federal rates. Both the U.S. and Canada jurisdictions do not currently generate taxable income therefore there is no impact on our consolidated effective tax rate. Mexico Mining Taxation Mining entities in Mexico are subject to two mining duties, in addition to the 30% Mexico corporate income tax: a “special” mining duty of 7.5% of taxable income as defined under Mexican tax law (also referred to as “mining royalty tax”) on extraction activities performed by concession holders. The mining royalty tax is generally applicable to earnings before income tax, depreciation, depletion, amortization, and interest. In calculating the mining royalty tax, there are no deductions related to depreciable costs from operational fixed assets. Both duties are tax deductible for income tax purposes. As a result, our effective tax rate applicable to the Company’s Mexican operations is substantially higher than the Mexico statutory rate. In addition, in Q1 2021, the Mexican Tax Authorities introduced new tax regulation wherein exploration expenses that were previously 100% deductible in the year incurred are now being deducted at a rate of 10% per year for 10 years, same as for Mexican Income Tax purposes. The Company periodically transfers funds from its Mexican wholly-owned subsidiary to the U.S. in the form of dividends. Mexico requires a 10% withholding tax on dividends to foreign parent companies unless otherwise provided per a tax treaty. According to the existing U.S. – Mexico tax treaty, the dividend withholding tax between these countries is limited to 5%, if certain requirements are met. Based on the Company’s review of these requirements, it estimates it will pay a 5% withholding tax on dividends received from Mexico in 2021. The impact of the planned annual dividends for 2021 is reflected in the estimated annual effective tax rate. As of June 30, 2021, the Company believes that it has no liability for uncertain tax positions. The U.S. Treasury Department issued final regulations in July 2020 concerning global intangible low-taxed income, commonly referred to as GILTI tax, and introduced by the Tax Act of 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The final tax regulations allow income to be excluded from GILTI tax that is subject to an effective tax rate higher than 90% of the U.S. tax rate (18.9%). The Company completed its assessment of the new legislation during the three months ended September 30, 2020. Due to the high tax exception, no GILTI tax was incurred in Q2 2021. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2021 | |
Prepaid Expenses And Other Current Assets | |
Prepaid Expenses and Other Current Assets | 8. Prepaid Expenses and Other Current Assets At June 30, 2021 and December 31, 2020, prepaid expenses and other current assets consisted of the following: As of As of June 30, December 31, 2021 2020 (Unaudited) (in thousands) Advances to suppliers $ 357 $ 374 Prepaid insurance 2,156 709 IVA taxes receivable, net 129 846 Other current assets 274 647 Total $ 2,916 $ 2,576 |
Property, Plant and Mine Develo
Property, Plant and Mine Development, net | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Mine Development, net | |
Property, Plant and Mine Development, net | 9. Property, Plant and Mine Development, net At June 30, 2021 and December 31, 2020, property, plant and mine development, net consisted of the following: As of As of June 30, December 31, 2021 2020 (Unaudited) (in thousands) Asset retirement costs $ 1,071 $ 1,064 Construction-in-progress (1) 10,494 7,158 Furniture and office equipment 1,892 1,839 Land 230 230 Light vehicles and other mobile equipment 2,104 2,192 Machinery and equipment 32,289 31,227 Mill facilities and infrastructure 24,407 24,407 Mine Development 87,842 83,859 Software and licenses 1,619 1,619 Subtotal (2) 161,948 153,595 Accumulated depreciation and amortization (98,080) (91,084) Total $ 63,868 $ 62,511 (1) Includes accrued capital expenditures of $0.8 million and $1.0 million at June 30, 2021 and December 31, 2020, respectively. The Company recorded depreciation and amortization expense of $4.4 million and $7.8 million for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2020, we recorded $3.2 million and $9.2 million depreciation and amortization expense. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | 10. Accrued Expenses and Other Liabilities At June 30, 2021 and December 31, 2020, accrued expenses and other liabilities consisted of the following: As of As of June 30, December 31, 2021 2020 (Unaudited) (in thousands) Accrued royalty payments 1,674 1,796 Dividends payable - 247 Employee profit sharing obligation 1,187 - Other payables 556 232 Total accrued expenses and other current liabilities $ 3,417 $ 2,275 Accrued non-current labor obligation 700 - Share based compensation liability 335 - Other long-term liabilities 20 13 Total other non-current liabilities $ 1,055 $ 13 On April 23, 2021, a decree that reforms labor outsourcing in Mexico was published in the Federation’s Official Gazette. This new decree amends the outsourcing provisions of the Federal Labor Law (FLL), the Social Security Law, the Law of the Institute of the National Housing Fund for Workers, the Federal Fiscal Code (FFC), the Income Tax Law and the Value Added Tax Law. Under this new decree, operating companies will no longer be able to source their labor resources used to carry out the core business functions from service entities or third-party providers. Under Mexican law, employees are entitled to receive statutory profit sharing (Participacion a los Trabajadores de las Utilidades or “PTU”) payments. The required cash payment to employees is equal to 10% of their employer’s profit subject to PTU as prescribed by Mexican law, which differs from profit determined under U.S. GAAP. In the past, the Company was not subject to PTU payments, as it had been sourcing its labor resources through a third-party service provider. The recently revised legislation required us to onboard all employees from the outsourcing provider to our wholly owned subsidiary, Don David Gold Mexico, effective June 2021. As a result of adoption of the new legislation, during Q2 2021 we recorded an accrual of $1.2 million for PTU in current liabilities and production cost, as well as an accrual for statutory employee severance benefits of $0.7 million in other long-term liabilities and other expenses. |
Reclamation and Remediation
Reclamation and Remediation | 6 Months Ended |
Jun. 30, 2021 | |
Reclamation and Remediation | |
Reclamation and Remediation | 11. Reclamation and Remediation The following table presents the changes in reclamation and remediation obligations for the six months ended June 30, 2021 and the year ended December 31, 2020: 2021 2020 (Unaudited) (in thousands) Reclamation liabilities – balance at beginning of period $ 1,890 $ 2,003 Foreign currency exchange loss (gain) 15 (113) Reclamation liabilities – balance at end of period 1,905 1,890 Asset retirement obligation – balance at beginning of period 1,208 1,105 Changes in estimate 7 82 Accretion 48 79 Foreign currency exchange loss (gain) 11 (58) Asset retirement obligation – balance at end of period 1,274 1,208 Total period end balance $ 3,179 $ 3,098 The Company’s undiscounted reclamation liabilities of $1.9 million and $1.9 million as of June 30, 2021 and December 31, 2020, respectively, are related to the Aguila project in Mexico. These represent reclamation liabilities that were expensed through 2013 before proven and probable reserves were established and the Company was considered to be a development stage entity; therefore, most of the costs, including asset retirement costs, were not allowed to be capitalized as part of our Property, Plant & Mine Development. The Company’s asset retirement obligations reflect the additions to the asset for reclamation and remediation costs in Property, Plant & Mine Development, post 2013 development stage status, which are discounted using a credit adjusted risk-free rate of 8%. As of June 30, 2021 and December 31, 2020, the Company’s asset retirement obligation related to the Don David Gold Mine in Mexico was $1.3 million and $1.2 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 12. Commitments and Contingencies Commitments As of June 30, 2021, the Company has equipment purchase commitments of approximately $0.4 million. Other Contingencies The Company has certain other contingencies resulting from litigation, claims, and other commitments that are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. The Company currently has no basis to conclude that any or all of such contingencies will materially affect its financial position, results of operations or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by the Company, and there can be no assurance that their ultimate disposition will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Embedded Derivatives
Embedded Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Embedded Derivatives | |
Embedded Derivatives | 13. Derivatives Embedded Derivatives Concentrate sales contracts contain embedded derivatives due to the provisional pricing terms for unsettled shipments. At the end of each reporting period, the Company records an adjustment to accounts receivable and revenue to reflect the mark-to-market adjustments for outstanding provisional invoices based on forward metal prices. Please see Note 18 The following table summarizes the Company’s unsettled sales contracts at June 30, 2021 with the quantities of metals under contract subject to final pricing occurring through July 2021: Gold Silver Copper Lead Zinc Total (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 2,800 144,611 228 851 3,021 Average forward price (per ounce or tonne) $ 1,852 $ 27.1 $ 9,813 $ 2,176 $ 2,910 Unsettled sales contracts value (in thousands) $ 5,186 $ 3,919 $ 2,237 $ 1,852 $ 8,791 $ 21,985 Other Derivatives Derivative instruments that are not designated as hedging instruments are required to be recorded on the balance sheet at fair value. Changes in fair value will impact the Company’s earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. The fair value does not reflect the realized or cash value of the instrument. As of June 30, 2020, the Company’s derivatives not designated as hedges consist of zero-cost collars used to manage its near-term exposure to cash flow variability from zinc price risks in 2021. A zero-cost collar is a combination of two options: a sold call option and a purchased put option. The Company sold call options to establish the ceiling price of $2,992 per tonne of zinc that the Company will receive for the contracted zinc volume of 5,500 tonnes for June through December 2021. The purchased put establishes the floor price of $2,860 per tonne of zinc that we will receive for the same contracted tonnes and period of time. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Otherwise, any fair value gains or losses are recognized in earnings in the current period. The fair value does not reflect the realized or cash value of the instrument. Mark-to-market adjustments are made until the physical commodity is delivered or the financial instrument is settled. Zinc prices remain within offsetting positions on our call and put options, which resulted in de minimis net loss associated with the zero-cost collar. The Company manages credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring other credit risk mitigants, as appropriate. The Company actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Stock-Based Compensation | |
Stock-Based Compensation | 14. Stock-Based Compensation The Gold Resource Corporation 2016 Equity Incentive Plan (the “Incentive Plan”) allows for the issuance of up to 5 million shares of common stock in the form of incentive and non-qualified stock options, stock appreciation rights, restricted stock units (“RSUs”), stock grants, stock units, performance shares, performance share units and performance cash. Additionally, pursuant to the terms of the Incentive Plan, any award outstanding under the prior plan that is terminated, expired, forfeited, or canceled for any reason, will be available for grant under the Incentive Plan. Effective January 1, 2021, the Company’s Board of Directors, on the recommendation of the Compensation Committee, implemented a program to issue deferred stock units (“DSUs”). DSUs are a qualifying instrument under the terms of the Company’s 2016 Equity Incentive Plan and therefore do not require additional shareholder approval. The vesting and settlement terms of the DSUs are determined by the Compensation Committee at the time the DSUs are awarded. 130,000 DSUs were granted to the Board of Directors during the period ended March 31, 2021 and are redeemable in cash or shares at the earlier of 10 years or upon the eligible directors’ termination. Termination is deemed to occur on the earliest of (1) the date of voluntary resignation or retirement of the director from the Board; (2) the date of death of the director; or (3) the date of removal of the director from the Board whether by shareholder resolution, failure to achieve re-election or otherwise; and on which date the director is not a director or employee of the Company or any of its affiliates. These awards contain a cash settlement feature and are therefore classified as a liability and are marked to fair value each reporting period. As of June 30, 2021, the Company recorded $0.3 million of other non-current liability and expense During the six months ended June 30, 2021 and 2020, a total of 2,614 and 35,072 RSUs vested, respectively, and shares were issued with an intrinsic value of $6,692 and $0.1 million, respectively, and a fair value of $6,692 and $0.2 million, respectively. During the six months ended June 30, 2021, stock options to purchase an aggregate of 217,719 Stock-based compensation expense for stock options, RSUs, and DSUs for the periods presented is as follows: For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Stock options $ 135 $ 173 $ 362 $ 395 Restricted stock units 70 227 (16) 475 Deferred stock units (8) - 335 - Total $ 197 $ 400 $ 681 $ 870 The Company has a short-term incentive plan for its executive officers that provides for the grant of either cash or stock-based bonus awards payable upon achievement of specified performance metrics (the “STIP”). As of June 30, 2021 and December 31, 2020, there have been no accruals related to the STIP |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Shareholders' Equity | |
Shareholders' Equity | 15. Shareholders’ Equity On April 3, 2018, the Company entered into an At-The-Market Offering Agreement (the “ATM Agreement”) with an investment banking firm (“Agent”) pursuant to which the Agent agreed to act as the Company’s sales agent with respect to the offer and sale of the Company’s common stock from time to time, having an aggregate gross sales price of up to $75.0 million (the “Shares”), which was subsequently renewed in June 2020. The ATM Agreement will remain in full force and effect until the earlier of (i) June 3, 2023 or (ii) the date that the ATM Agreement is terminated in accordance with its terms. An aggregate of 484,500 shares and 4,334,500 shares of the Company’s common stock were sold through the ATM Agreement during the three and six months ended June 30, 2020, respectively, for net proceeds to the Company, after deducting the Agent’s commissions and other expenses, of $1.6 million and $11.9 million, respectively. No ATM shares were sold during the three and six months ended June 30, 2021. During the three and six months ended June 30, 2021, the Company declared dividends of $0.01 per common share and $0.02 per common share, respectively, and paid an aggregate total of $1.0 million and $1.7 million, respectively. During the three and six months ended June 30, 2020, the Company declared and paid dividends of $0.01 per common share and $0.02 per common share, respectively, for an aggregate total of $0.7 million and $1.4 million, respectively. At the Company’s annual meeting held in June 2021, shareholders approved an amendment to the Company’s articles of incorporation to increase the number of authorized shares of common stock from 100 million to 200 million shares. |
Other (Income) Expense, net
Other (Income) Expense, net | 6 Months Ended |
Jun. 30, 2021 | |
Other (Income) Expense, net | |
Other (Income) Expense, net | 16. Other (Income) Expense, net Other (income) expense, net, for the periods presented consisted of the following: For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Unrealized currency exchange loss (gain) $ 75 $ (1,560) $ 316 $ 58 Realized currency exchange loss (gain) 114 176 (59) (115) Unrealized (gain) loss from gold and silver rounds/bullion, net (1) (35) (610) 31 (459) Employee benefit obligation (2) 700 - 700 - Other expense (income) 13 85 (435) 72 Total $ 867 $ (1,909) $ 553 $ (444) (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company’s fair value measurements and investments, please see Note 18 . (2) See Footnote 10 |
Net Income per Common Share
Net Income per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Net Income per Common Share | |
Net Income per Common Share | 17. Net Income per Common Share Basic earnings per common share are calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common share are calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. All of the Company’s RSUs and DSUs are considered to be dilutive in periods with net income. The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Options to purchase 2.6 million and 3.6 million shares of common stock at weighted average exercise prices of $6.92 and $8.97 were outstanding at June 30, 2021 and 2020, respectively, but were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options exceeded the average price of the Company’s common stock during the reporting period, and therefore are anti-dilutive. Basic and diluted net income per common share is calculated as follows: For the three months ended For the six months ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net income (loss) from continuing operations 1,283 257 3,810 (2,961) Net loss from discontinued operations - (2,069) - (1,972) Net income (loss) (in thousands) $ 1,283 $ (1,812) $ 3,810 $ (4,933) Denominator: Basic weighted average shares of common stock outstanding 74,485,672 69,985,499 74,445,058 68,011,860 Dilutive effect of share-based awards 501,887 - 423,129 - Diluted weighted average common shares outstanding 74,987,559 69,985,499 74,868,187 68,011,860 Basic and diluted net income (loss) per common share: Continuing operations 0.02 - 0.05 (0.04) Discontinued operations - (0.03) - (0.03) Basic and diluted net income (loss) per common share $ 0.02 $ (0.03) $ 0.05 $ (0.07) |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurement | |
Fair Value Measurement | 18. Fair Value Measurement Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth certain of the Company’s assets measured at fair value by level within the fair value hierarchy as of June 30, 2021 and December 31, 2020: As of As of June 30, December 31, Input Hierarchy Level 2021 2020 (in thousands) Cash and cash equivalents $ 30,535 $ 25,405 Level 1 Gold and silver rounds/bullion $ 627 $ 671 Level 1 Accounts receivable, net $ 5,142 $ 4,226 Level 2 Cash and cash equivalents consist primarily of cash deposits and are valued at cost, which approximates fair value. Gold and silver rounds/bullion consist of precious metals which are valued using quoted market prices. Please see Note 5 Accounts receivable, net include amounts due to the Company for deliveries of concentrates and doré sold to customers, net of embedded derivatives mark-to-market value of $0.1 as of June 30, 2021, and $0.2 million as of December 31, 2020. Concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to reflect the mark-to-market of outstanding provisional invoices based on the forward price curve. Because these provisionally priced sales have not yet settled as of the reporting date, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date and included in its accounts receivable on the accompanying Condensed Consolidated Balance Sheets related to mark-to-market adjustments. Please see Note 13 Gains and losses related to changes in the fair value of these financial instruments were included in the Company’s Condensed Consolidated Statements of Operations as shown in the following table: For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Statement of Operations Classification (in thousands) Realized/unrealized derivative (loss) gain, net $ 669 $ 206 $ 634 $ (532) Sales, net Realized/unrealized gold and silver rounds/bullion gain (loss), net $ 34 $ 608 $ (32) $ 456 Other expense, net Realized/Unrealized Derivatives The following tables summarize the Company’s realized/unrealized derivatives for the periods presented (in thousands) Gold Silver Copper Lead Zinc Total For the three months ended June 30, 2021 Realized gain $ 21 $ 87 $ 62 $ 30 $ 159 $ 359 Unrealized gain (loss) 130 103 (47) 87 37 310 Total realized/unrealized derivatives, net $ 151 $ 190 $ 15 $ 117 $ 196 $ 669 Gold Silver Copper Lead Zinc Total For the three months ended June 30, 2020 Realized gain (loss) $ 168 $ (48) $ (74) $ (2) $ 11 $ 55 Unrealized (loss) gain (70) 82 134 1 4 151 Total realized/unrealized derivatives, net $ 98 $ 34 $ 60 $ (1) $ 15 $ 206 Gold Silver Copper Lead Zinc Total For the six months ended June 30, 2021 Realized (loss) gain $ (23) $ 172 $ 67 $ 74 $ 160 $ 450 Unrealized gain (loss) 30 21 (8) 21 120 184 Total realized/unrealized derivatives, net $ 7 $ 193 $ 59 $ 95 $ 280 $ 634 Gold Silver Copper Lead Zinc Total For the six months ended June 30, 2020 Realized gain (loss) $ 519 $ 112 $ (69) $ (159) $ (806) $ (403) Unrealized (loss) gain (198) (243) 15 51 246 (129) Total realized/unrealized derivatives, net $ 321 $ (131) $ (54) $ (108) $ (560) $ (532) |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 6 Months Ended |
Jun. 30, 2021 | |
Supplementary Cash Flow Information | |
Supplementary Cash Flow Information | 19. Supplementary Cash Flow Information Other operating adjustments and write-downs within the net cash provided by operations on the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 consisted of the following: For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Unrealized (gain) loss on gold and silver rounds/bullion $ (35) $ (610) $ 31 $ (459) Realized loss on gold and silver rounds/bullion 1 2 1 3 Unrealized foreign currency exchange loss (gain) 75 (1,560) 316 58 Other 60 17 93 39 Total other operating adjustments $ 101 $ (2,151) $ 441 $ (359) |
COVID-19 Pandemic
COVID-19 Pandemic | 6 Months Ended |
Jun. 30, 2021 | |
COVID-19 Pandemic | |
COVID-19 Pandemic | 20. COVID-19 Pandemic On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus. On March 11, 2020, the WHO classified the COVID-19 outbreak as a “pandemic” based on the rapid increase in global exposure. In response to the pandemic, many jurisdictions, including the United States and Mexico, instituted restrictions on travel, public gatherings, and certain business operations. On March 31, 2020, the Mexican government issued a national health emergency with an immediate suspension order for all “non-essential” public and private sector business (which included mining). As a result, we suspended our Mexico operations and production on April 1, 2020. The Mexican government then designated mining as an essential business in mid-May 2020 and as a result, we were given approval to restart our operations on May 27, 2020. To mitigate the spread of COVID-19 and protect the health and safety of our employees, contractors, and communities, we have taken precautionary measures, including specialized training, social distancing, screening workers before they enter facilities, a work from home mandate where possible, and close monitoring of national and regional COVID-19 impacts and governmental guidelines. Since our non-mining workforce is able to work remotely using various technology tools, we are able to maintain our operations and internal controls over financial reporting and disclosures. As of the date of the issuance of these unaudited Condensed Consolidated Financial Statements, there have been no other significant impacts, including impairments, to the Company’s operations and financial statements. However, the long-term impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. The Company is not able to estimate the duration of the pandemic and potential impact on its business if disruptions or delays in business developments and shipments of product occur. In addition, a severe prolonged economic downturn could result in a variety of risks to the business, including a decreased ability to raise additional capital when and if needed on acceptable terms, if at all. As the situation continues to evolve, the Company will continue to closely monitor market conditions and respond accordingly. The Company has completed various scenario planning analyses to consider potential impacts of COVID-19 on its business, including volatility in commodity prices, temporary disruptions and/or curtailments of operating activities (voluntary or involuntary). The Company believes that current working capital balances will be sufficient for the foreseeable future, although there is no assurance that will be the case. |
Basis of Preparation of Finan_2
Basis of Preparation of Financial Statements (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Preparation of Financial Statements | |
Basis of Preparation of Financial Statements | The interim Condensed Consolidated Financial Statements (“interim financial statements”) of Gold Resource Corporation and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted as permitted by such rules, although the Company believes that the disclosures included are adequate to make the information presented not misleading. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 included in the Company’s annual report on Form 10-K. The year-end balance sheet data was derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s annual report on Form 10-K. Certain items in the prior period’s Condensed Consolidated Financial Statements have been reclassified to conform to the current presentation. These reclassifications were mostly related to Discontinued Operations and separate presentation of stock-based compensation. |
Recently Adopted Accounting S_2
Recently Adopted Accounting Standards (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
Recently Adopted Accounting Standards | |
Recently Adopted Accounting Standards | Recent accounting pronouncements issued have been evaluated and do not presently impact our financial statements and supplemental data. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations | |
Schedule of discontinued operations in company's condensed consolidated financial statements | Results of discontinued operations for the three and six months ended June 30, 2020, are as follows ( in thousands For the three months ended June 30, For the six months ended June 30, 2020 2020 (Unaudited) (Unaudited) Sales, net $ 8,576 $ 14,433 Mine cost of sales 8,858 15,158 Mine gross loss (282) (725) Exploration expenses 416 593 Other expense, net 62 110 Loss before income taxes (760) (1,428) Income tax expense 1,309 544 Net loss from discontinued operations $ (2,069) $ (1,972) Selected Statements of Cash Flows presenting depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of FGC were as follows: For the three months ended June 30, For the six months ended June 30, 2020 2020 (Unaudited) (Unaudited) Cash flows from discontinued operating activities: Net income $ (2,069) $ (1,972) Adjustments to reconcile net income to net cash from discontinued operating activities: Deferred income taxes 1,309 544 Depreciation and amortization 1,860 3,282 Other operating adjustments 4 (7) Changes in operating assets and liabilities: Accounts receivable 70 (99) Inventories (1,030) (2,816) Prepaid expenses and other current assets (93) (11) Other non-current assets (1,187) (256) Accounts payable and other accrued liabilities 334 (696) Net cash used in discontinued operating activities (802) (2,031) Cash flows from discontinued investing activities: Capital expenditures (2,748) (6,195) Net cash used in discontinued investing activities (2,748) (6,195) Cash flows from discontinued financing activities: Cash transferred from Gold Resource Corporation prior to Spin-off 3,984 8,492 Repayment of loans payable (219) (435) Repayment of finance leases (109) (216) Net cash provided by discontinued financing activities 3,656 7,841 Supplemental Cash Flow Information Discontinued Operations Non-cash investing activities: Change in capital expenditures in accounts payable $ (2,034) $ (1,518) Change in estimate for asset retirement costs $ 662 $ 1,097 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue | |
Revenue from the sale of dore and concentrate | For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Doré sales, net Gold $ 2,695 $ 1,891 $ 5,182 $ 3,660 Silver 228 678 605 1,354 Less: Refining charges (20) (110) (91) (145) Total doré sales, net 2,903 2,459 5,696 4,869 Concentrate sales Gold 7,671 2,467 14,195 8,683 Silver 6,951 2,566 13,264 7,781 Copper 3,714 1,198 7,100 3,559 Lead 2,595 1,750 5,000 5,229 Zinc 9,240 5,176 18,006 14,216 Less: Treatment and refining charges (2,907) (3,301) (5,791) (9,135) Total concentrate sales, net 27,264 9,856 51,774 30,333 Realized/unrealized gain (loss) embedded derivative, net 669 206 634 (532) Total sales, net $ 30,836 $ 12,521 $ 58,104 $ 34,670 |
Gold and Silver Rounds_Bullion
Gold and Silver Rounds/Bullion (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Gold and Silver Rounds/Bullion | |
Schedule of Company's Holdings | As of June 30, 2021 As of December 31, 2020 (Unaudited) Ounces Per Ounce Amount Ounces Per Ounce Amount (in thousands) (in thousands) Gold 184 $ 1,763 $ 325 189 $ 1,888 $ 357 Silver 11,725 $ 25.77 302 11,842 $ 26.49 314 Total holdings $ 627 $ 671 |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventories, net | |
Summary of Inventories | As of As of June 30, December 31, 2021 2020 (Unaudited) (in thousands) Stockpiles - underground mine $ 651 $ 648 Stockpiles - open pit mine - 41 Concentrates 2,098 1,919 Doré, net (1) 344 459 Subtotal - product inventories 3,093 3,067 Materials and supplies (2) 7,392 6,928 Total $ 10,485 $ 9,995 (1) Net of reserve of nil and $368 at June 30, 2021 and December 31, 2020, respectively. (2) Net of reserve for obsolescence of $209 both as of June 30, 2021 and December 31, 2020 . |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Prepaid Expenses And Other Current Assets | |
Schedule of prepaid and other assets | As of As of June 30, December 31, 2021 2020 (Unaudited) (in thousands) Advances to suppliers $ 357 $ 374 Prepaid insurance 2,156 709 IVA taxes receivable, net 129 846 Other current assets 274 647 Total $ 2,916 $ 2,576 |
Property, Plant and Mine Deve_2
Property, Plant and Mine Development, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Mine Development, net | |
Schedule of property, plant and mine development | As of As of June 30, December 31, 2021 2020 (Unaudited) (in thousands) Asset retirement costs $ 1,071 $ 1,064 Construction-in-progress (1) 10,494 7,158 Furniture and office equipment 1,892 1,839 Land 230 230 Light vehicles and other mobile equipment 2,104 2,192 Machinery and equipment 32,289 31,227 Mill facilities and infrastructure 24,407 24,407 Mine Development 87,842 83,859 Software and licenses 1,619 1,619 Subtotal (2) 161,948 153,595 Accumulated depreciation and amortization (98,080) (91,084) Total $ 63,868 $ 62,511 (1) Includes accrued capital expenditures of $0.8 million and $1.0 million at June 30, 2021 and December 31, 2020, respectively. |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of Accrued Expenses and Other Current Liabilities | As of As of June 30, December 31, 2021 2020 (Unaudited) (in thousands) Accrued royalty payments 1,674 1,796 Dividends payable - 247 Employee profit sharing obligation 1,187 - Other payables 556 232 Total accrued expenses and other current liabilities $ 3,417 $ 2,275 Accrued non-current labor obligation 700 - Share based compensation liability 335 - Other long-term liabilities 20 13 Total other non-current liabilities $ 1,055 $ 13 |
Reclamation and Remediation (Ta
Reclamation and Remediation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Reclamation and Remediation | |
Changes in Reclamation and Remediation | 2021 2020 (Unaudited) (in thousands) Reclamation liabilities – balance at beginning of period $ 1,890 $ 2,003 Foreign currency exchange loss (gain) 15 (113) Reclamation liabilities – balance at end of period 1,905 1,890 Asset retirement obligation – balance at beginning of period 1,208 1,105 Changes in estimate 7 82 Accretion 48 79 Foreign currency exchange loss (gain) 11 (58) Asset retirement obligation – balance at end of period 1,274 1,208 Total period end balance $ 3,179 $ 3,098 |
Embedded Derivatives (Tables)
Embedded Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Embedded Derivatives | |
Summary of unsettled sales contracts | Gold Silver Copper Lead Zinc Total (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 2,800 144,611 228 851 3,021 Average forward price (per ounce or tonne) $ 1,852 $ 27.1 $ 9,813 $ 2,176 $ 2,910 Unsettled sales contracts value (in thousands) $ 5,186 $ 3,919 $ 2,237 $ 1,852 $ 8,791 $ 21,985 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stock-Based Compensation | |
Stock-based compensation expense | For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Stock options $ 135 $ 173 $ 362 $ 395 Restricted stock units 70 227 (16) 475 Deferred stock units (8) - 335 - Total $ 197 $ 400 $ 681 $ 870 |
Other (Income) Expense, net (Ta
Other (Income) Expense, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other (Income) Expense, net | |
Schedule of Other Expense, net | For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Unrealized currency exchange loss (gain) $ 75 $ (1,560) $ 316 $ 58 Realized currency exchange loss (gain) 114 176 (59) (115) Unrealized (gain) loss from gold and silver rounds/bullion, net (1) (35) (610) 31 (459) Employee benefit obligation (2) 700 - 700 - Other expense (income) 13 85 (435) 72 Total $ 867 $ (1,909) $ 553 $ (444) (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company’s fair value measurements and investments, please see Note 18 . (2) See Footnote 10 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Net Income per Common Share | |
Schedule of net income per common share | For the three months ended For the six months ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net income (loss) from continuing operations 1,283 257 3,810 (2,961) Net loss from discontinued operations - (2,069) - (1,972) Net income (loss) (in thousands) $ 1,283 $ (1,812) $ 3,810 $ (4,933) Denominator: Basic weighted average shares of common stock outstanding 74,485,672 69,985,499 74,445,058 68,011,860 Dilutive effect of share-based awards 501,887 - 423,129 - Diluted weighted average common shares outstanding 74,987,559 69,985,499 74,868,187 68,011,860 Basic and diluted net income (loss) per common share: Continuing operations 0.02 - 0.05 (0.04) Discontinued operations - (0.03) - (0.03) Basic and diluted net income (loss) per common share $ 0.02 $ (0.03) $ 0.05 $ (0.07) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurement | |
Assets measured at fair value by level within fair value hierarchy | As of As of June 30, December 31, Input Hierarchy Level 2021 2020 (in thousands) Cash and cash equivalents $ 30,535 $ 25,405 Level 1 Gold and silver rounds/bullion $ 627 $ 671 Level 1 Accounts receivable, net $ 5,142 $ 4,226 Level 2 |
Gains and Losses Related to Changes in Fair Value | For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Statement of Operations Classification (in thousands) Realized/unrealized derivative (loss) gain, net $ 669 $ 206 $ 634 $ (532) Sales, net Realized/unrealized gold and silver rounds/bullion gain (loss), net $ 34 $ 608 $ (32) $ 456 Other expense, net |
Realized and Unrealized Gain Losses on Derivatives | Gold Silver Copper Lead Zinc Total For the three months ended June 30, 2021 Realized gain $ 21 $ 87 $ 62 $ 30 $ 159 $ 359 Unrealized gain (loss) 130 103 (47) 87 37 310 Total realized/unrealized derivatives, net $ 151 $ 190 $ 15 $ 117 $ 196 $ 669 Gold Silver Copper Lead Zinc Total For the three months ended June 30, 2020 Realized gain (loss) $ 168 $ (48) $ (74) $ (2) $ 11 $ 55 Unrealized (loss) gain (70) 82 134 1 4 151 Total realized/unrealized derivatives, net $ 98 $ 34 $ 60 $ (1) $ 15 $ 206 |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Supplementary Cash Flow Information | |
Schedule of Supplementary Cash Flow Information | For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Unrealized (gain) loss on gold and silver rounds/bullion $ (35) $ (610) $ 31 $ (459) Realized loss on gold and silver rounds/bullion 1 2 1 3 Unrealized foreign currency exchange loss (gain) 75 (1,560) 316 58 Other 60 17 93 39 Total other operating adjustments $ 101 $ (2,151) $ 441 $ (359) |
Discontinued Operations - Resul
Discontinued Operations - Results of discontinued operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sales, net | $ 8,576 | $ 14,433 |
Mine cost of sales | 8,858 | 15,158 |
Mine gross profit | (282) | (725) |
Exploration expenses | 416 | 593 |
Other expense, net | 62 | 110 |
Loss before income taxes | (760) | (1,428) |
Provision for income taxes | 1,309 | 544 |
Net income (loss) from discontinued operations, net of income taxes | (2,069) | (1,972) |
Fortitude Gold Corporation and Subsidiaries | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net income (loss) from discontinued operations, net of income taxes | $ (2,069) | $ (1,972) |
Discontinued Operations - Selec
Discontinued Operations - Selected Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from discontinued operating activities: | |||
Net loss from discontinuing operations | $ (2,069) | $ (1,972) | |
Changes in operating assets and liabilities: | |||
Net cash used in discontinued operating activities | $ 0 | (2,031) | |
Cash flows from discontinued investing activities: | |||
Net cash used in discontinued investing activities | $ 0 | (6,195) | |
Cash flows from discontinued financing activities: | |||
Cash transferred from Gold Resource Corporation at Spin-Off | (269) | ||
Fortitude Gold Corporation and Subsidiaries | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | |||
Cash flows from discontinued operating activities: | |||
Net loss from discontinuing operations | (2,069) | (1,972) | |
Adjustments to reconcile net income to net cash from operating activities: | |||
Deferred income taxes | 1,309 | 544 | |
Depreciation and amortization | 1,860 | 3,282 | |
Other operating adjustments | 4 | (7) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 70 | (99) | |
Inventories | (1,030) | (2,816) | |
Prepaid expenses and other current assets | (93) | (11) | |
Other non-current assets | (1,187) | (256) | |
Accounts payable and other accrued liabilities | 334 | (696) | |
Net cash used in discontinued operating activities | (802) | (2,031) | |
Cash flows from discontinued investing activities: | |||
Capital expenditures | (2,748) | (6,195) | |
Net cash used in discontinued investing activities | (2,748) | (6,195) | |
Cash flows from discontinued financing activities: | |||
Cash transferred from Gold Resource Corporation prior to Spin-off | 3,984 | 8,492 | |
Repayment of loans payable | (219) | (435) | |
Repayment of finance leases | (109) | (216) | |
Net cash provided by discontinued financing activities | 3,656 | 7,841 | |
Non-cash investing activities: | |||
Change in capital expenditures in accounts payable | (2,034) | (1,518) | |
Change in estimate for asset retirement costs | $ 662 | $ 1,097 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Realized/unrealized gain (loss) embedded derivative, net | $ 669 | $ 206 | $ 634 | $ (532) |
Total sales, net | 30,836 | 12,521 | 58,104 | 34,670 |
Dore | ||||
Disaggregation of Revenue [Line Items] | ||||
Less: Treatment and refining charges | (20) | (110) | (91) | (145) |
Total sales, net | 2,903 | 2,459 | 5,696 | 4,869 |
Gold Dore | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales, net | 2,695 | 1,891 | 5,182 | 3,660 |
Silver Dore | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales, net | 228 | 678 | 605 | 1,354 |
Concentrate | ||||
Disaggregation of Revenue [Line Items] | ||||
Less: Treatment and refining charges | (2,907) | (3,301) | (5,791) | (9,135) |
Total sales, net | 27,264 | 9,856 | 51,774 | 30,333 |
Gold Concentrate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales, net | 7,671 | 2,467 | 14,195 | 8,683 |
Silver Concentrate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales, net | 6,951 | 2,566 | 13,264 | 7,781 |
Copper Concentrate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales, net | 3,714 | 1,198 | 7,100 | 3,559 |
Lead Concentrate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales, net | 2,595 | 1,750 | 5,000 | 5,229 |
Zinc Concentrate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales, net | $ 9,240 | $ 5,176 | $ 18,006 | $ 14,216 |
Gold and Silver Rounds_Bullio_2
Gold and Silver Rounds/Bullion (Details) $ in Thousands | Jun. 30, 2021USD ($)oz$ / oz | Dec. 31, 2020USD ($)oz$ / oz |
Schedule of Investments [Line Items] | ||
Total carrying value | $ | $ 627 | $ 671 |
Gold | ||
Schedule of Investments [Line Items] | ||
Ounces | oz | 184 | 189 |
Carrying value per ounce | $ / oz | 1,763 | 1,888 |
Total carrying value | $ | $ 325 | $ 357 |
Silver | ||
Schedule of Investments [Line Items] | ||
Ounces | oz | 11,725 | 11,842 |
Carrying value per ounce | $ / oz | 25.77 | 26.49 |
Total carrying value | $ | $ 302 | $ 314 |
Gold and Silver | ||
Schedule of Investments [Line Items] | ||
Ounces purchased | oz | 0 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Stockpiles - underground mine | $ 651 | $ 648 | |
Stockpiles - open pit mine | 41 | ||
Concentrates | 2,098 | 1,919 | |
Dore, net | [1] | 344 | 459 |
Subtotal - product inventories | 3,093 | 3,067 | |
Materials and supplies | [2] | 7,392 | 6,928 |
Total | 10,485 | 9,995 | |
Dore | |||
Inventory reserve | 0 | 368 | |
Materials and supplies | |||
Inventory reserve | $ 209 | $ 209 | |
[1] | Net of reserve of nil and $368 at June 30, 2021 and December 31, 2020, respectively. | ||
[2] | Net of reserve for obsolescence of $209 both as of June 30, 2021 and December 31, 2020 . |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income tax expense | $ 1,751,000 | $ (1,979,000) | $ 4,345,000 | $ (3,351,000) |
Effective tax rate | 21.00% | |||
Withholding tax on dividends | 10.00% | |||
Dividend withholding tax between countries | 5.00% | |||
Liability for uncertain tax positions | $ 0 | $ 0 | ||
GILTI Effective Tax Rate Above U.S. Tax Rate | 90.00% | |||
GILTI Effective Tax Rate Percent Above U.S. Tax Rate | 18.90% | |||
Mexico | ||||
MITL corporate income tax rate | 37.50% | 37.50% | ||
MITL corporate income tax rate excluding mining tax | 30.00% | |||
Mining tax rate | 7.50% | |||
Amount of deductions related to depreciable costs from operational fixed assets | $ 0 | |||
Prior MITL Deductable Percentage | 100.00% | |||
Exploration Expense Maximum Annual Deductable Percentage | 10.00% | |||
Exploration Expense Period | 10 years | |||
CANADA | ||||
MITL corporate income tax rate | 26.50% | 26.50% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid Expenses And Other Current Assets | ||
Advances to suppliers | $ 357 | $ 374 |
Prepaid insurance | 2,156 | 709 |
IVA taxes receivable, net | 129 | 846 |
Other current assets | 274 | 647 |
Total | $ 2,916 | $ 2,576 |
Property, Plant and Mine Deve_3
Property, Plant and Mine Development, net - Summary of Property, Equipment and Mine Development (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Property, equipment and mine development - net | |||
Property and equipment, gross | [1] | $ 161,948 | $ 153,595 |
Accumulated depreciation and amortization | (98,080) | (91,084) | |
Total property, equipment and mine development - net | 63,868 | 62,511 | |
Accrued capital expenditures | 800 | 1,000 | |
Asset retirement costs | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 1,071 | 1,064 | |
Construction-in-progress | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 10,494 | 7,158 | |
Furniture and office equipment | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 1,892 | 1,839 | |
Land | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 230 | 230 | |
Light vehicles and other mobile equipment | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 2,104 | 2,192 | |
Machinery and equipment | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 32,289 | 31,227 | |
Mill facilities and infrastructure | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 24,407 | 24,407 | |
Mine Development | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 87,842 | 83,859 | |
Software and licenses | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | $ 1,619 | $ 1,619 | |
[1] | Includes accrued capital expenditures of $0.8 million and $1.0 million at June 30, 2021 and December 31, 2020, respectively. |
Property, Plant and Mine Deve_4
Property, Plant and Mine Development, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Mine Development, net | ||||
Depreciation and amortization expense | $ 4,379 | $ 3,184 | $ 7,778 | $ 9,197 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accrued royalty payments | $ 1,674 | $ 1,796 |
Dividends payable | 247 | |
Employee profit sharing obligation | 1,187 | |
Other payables | 556 | 232 |
Total accrued expenses and other current liabilities | 3,417 | 2,275 |
Other Liabilities, Noncurrent [Abstract] | ||
Statutory employee severance benefits | 700 | |
Share based compensation liability | 335 | |
Other long-term liabilities | 20 | 13 |
Total other non-current liabilities | 1,055 | $ 13 |
Other Long-term Liabilities And Other Expenses [member] | ||
Other Liabilities, Noncurrent [Abstract] | ||
Statutory employee severance benefits | $ 700 | |
Deferred Profit Sharing [Member] | ||
Other Liabilities, Noncurrent [Abstract] | ||
Percentage of statutory profit sharing payable | 10.00% | |
Deferred Profit Sharing [Member] | Current Liabilities And Production Cost [Member] | ||
Employee profit sharing obligation | $ 1,200 |
Reclamation and Remediation (De
Reclamation and Remediation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis | ||
Reclamation liabilities - balance at beginning of period | $ 1,890 | $ 2,003 |
Foreign currency exchange loss (gain) | 15 | (113) |
Reclamation liabilities - balance at end of period | 1,905 | 1,890 |
Asset retirement obligation - balance at beginning of period | 1,208 | 1,105 |
Changes in estimate | 7 | 82 |
Accretion | 48 | 79 |
Foreign currency exchange loss (gain) | 11 | (58) |
Asset retirement obligation - balance at end of period | 1,274 | 1,208 |
Total period end balance | $ 3,179 | $ 3,098 |
Reclamation and Remediation - N
Reclamation and Remediation - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Asset Retirement Obligation | $ 1,274 | $ 1,208 | $ 1,105 |
Reclamation and remediation discount rate | 8.00% | ||
Reclamation Liabilities | $ 1,905 | 1,890 | $ 2,003 |
Aguila Project | |||
Reclamation Liabilities | 1,900 | 1,900 | |
Don David Gold Mine | |||
Asset Retirement Obligation | $ 1,300 | $ 1,200 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | Jun. 30, 2021USD ($) |
Commitments and Contingencies | |
Equipment purchase commitments | $ 0.4 |
Embedded Derivatives (Details)
Embedded Derivatives (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / t$ / oztoz | |
Embedded Derivative [Line Items] | |
Unsettled sales contracts value | $ 21,985 |
Gold | |
Embedded Derivative [Line Items] | |
Under contract | oz | 2,800 |
Average forward price | $ / oz | 1,852 |
Unsettled sales contracts value | $ 5,186 |
Silver | |
Embedded Derivative [Line Items] | |
Under contract | oz | 144,611 |
Average forward price | $ / oz | 27.1 |
Unsettled sales contracts value | $ 3,919 |
Copper | |
Embedded Derivative [Line Items] | |
Under contract | t | 228 |
Average forward price | $ / t | 9,813 |
Unsettled sales contracts value | $ 2,237 |
Lead | |
Embedded Derivative [Line Items] | |
Under contract | t | 851 |
Average forward price | $ / t | 2,176 |
Unsettled sales contracts value | $ 1,852 |
Zinc | |
Embedded Derivative [Line Items] | |
Under contract | t | 3,021 |
Average forward price | $ / t | 2,910 |
Unsettled sales contracts value | $ 8,791 |
Call option sold price per tonne | $ / t | 2,992 |
Call option sold volume | t | 5,500 |
Derivative, Floor Price | $ / t | 2,860 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock-Based Compensation | ||||
Stock options | $ 135 | $ 173 | $ 362 | $ 395 |
Restricted stock units | 70 | 227 | (16) | 475 |
Deferred stock units | (8) | 335 | ||
Total | $ 197 | $ 400 | $ 681 | $ 870 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity Incentive plan shares for issuance authorized | 5,000,000 | |||
Weighted Average Exercise Price, Exercised | $ 1.31 | |||
Number of stock options exercised | 2,177,199 | 0 | ||
Accrued expenses and other current liabilities | $ 3,417 | $ 2,275 | ||
Additional disclosures | ||||
Deferred stock units expense | 300 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value | 6,692 | $ 100 | ||
Fair value | $ 6,692 | $ 200 | ||
Vested (in shares) | 2,614 | 35,072 | ||
Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of units Granted | 130,000 | |||
Additional disclosures | ||||
Vesting period | 10 years | |||
Deferred stock units liability | $ 300 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | May 31, 2021 | Dec. 31, 2020 | Apr. 03, 2018 | |
Value of shares issued | $ 1,550 | $ 11,900 | |||||
Cash dividend rate declared, per common share | $ 0.01 | $ 0.02 | |||||
Common Stock, Dividends, Per Share, Declared and Paid | $ 0.01 | $ 0.02 | |||||
Dividends paid | $ 1,000 | $ 700 | $ 1,700 | $ 1,400 | |||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 100,000,000 | 200,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
ATM Agreement | |||||||
Sale of shares | 0 | 484,500 | 0 | 4,334,500 | |||
Value of shares issued | $ 1,600 | $ 11,900 | |||||
Maximum | ATM Agreement | |||||||
Common stock aggregate gross sales price | $ 75,000 |
Other (Income) Expense, net (De
Other (Income) Expense, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other (Income) Expense, net | ||||
Unrealized currency exchange loss (gain) | $ 75 | $ (1,560) | $ 316 | $ 58 |
Realized currency exchange loss (gain) | 114 | 176 | (59) | (115) |
Unrealized (gain) loss from gold and silver rounds/bullion, net (1) | (35) | (610) | 31 | (459) |
Employee benefit obligation | 700 | 700 | ||
Other expense (income) | 13 | 85 | (435) | 72 |
Total | $ 867 | $ (1,909) | $ 553 | $ (444) |
Net Income per Common Share - N
Net Income per Common Share - Narrative (Details) - $ / shares shares in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net Income per Common Share | ||
Stock options excluded from computation of diluted weighted average share outstanding | 2.6 | 3.6 |
Shares excluded from weighted average shares outstanding, exercise price | $ 6.92 | $ 8.97 |
Net Income per Common Share - P
Net Income per Common Share - Potential Dilutive Stock Options On Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Income per Common Share | ||||
Net income (loss) from continuing operations | $ 1,283 | $ 257 | $ 3,810 | $ (2,961) |
Net income (loss) from discontinued operations, net of income taxes | (2,069) | (1,972) | ||
Net income (loss) | $ 1,283 | $ (1,812) | $ 3,810 | $ (4,933) |
Basic weighted average shares of common stock outstanding | 74,485,672 | 69,985,499 | 74,445,058 | 68,011,860 |
Dilutive effect of share-based awards | 501,887 | 423,129 | ||
Weighted Average Number of Shares Outstanding, Diluted, Total | 74,987,559 | 69,985,499 | 74,868,187 | 68,011,860 |
Basic and diluted net income (loss) per common share: | ||||
Continuing operations | $ 0.02 | $ 0.05 | $ (0.04) | |
Discontinued operations | $ (0.03) | (0.03) | ||
Basic and diluted net income (loss) per common share | $ 0.02 | $ (0.03) | $ 0.05 | $ (0.07) |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net allowance for doubtful accounts | $ 100 | $ 200 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 30,535 | 25,405 |
Gold and silver rounds/bullion | 627 | 671 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts receivable, net | $ 5,142 | $ 4,226 |
Fair Value Measurement - Statem
Fair Value Measurement - Statement Of Income Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Sales, net | ||||
Fair Value Statement Of Income Classification [Line Items] | ||||
Realized/unrealized derivative (loss) gain, net | $ 669 | $ 206 | $ 634 | $ (532) |
Other expenses, net | ||||
Fair Value Statement Of Income Classification [Line Items] | ||||
Realized/unrealized gold and silver rounds/bullion gain (loss), net | $ 34 | $ 608 | $ (32) | $ 456 |
Fair Value Measurement - Realiz
Fair Value Measurement - Realized Unrealized Derivatives, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivatives, Fair Value [Line Items] | ||||
Realized (loss) gain | $ 359 | $ 55 | $ 450 | $ (403) |
Unrealized (loss) gain | 310 | 151 | 184 | (129) |
Total realized/ unrealized derivatives, net | 669 | 206 | 634 | (532) |
Gold | ||||
Derivatives, Fair Value [Line Items] | ||||
Realized (loss) gain | 21 | 168 | (23) | 519 |
Unrealized (loss) gain | 130 | (70) | 30 | (198) |
Total realized/ unrealized derivatives, net | 151 | 98 | 7 | 321 |
Silver | ||||
Derivatives, Fair Value [Line Items] | ||||
Realized (loss) gain | 87 | (48) | 172 | 112 |
Unrealized (loss) gain | 103 | 82 | 21 | (243) |
Total realized/ unrealized derivatives, net | 190 | 34 | 193 | (131) |
Copper | ||||
Derivatives, Fair Value [Line Items] | ||||
Realized (loss) gain | 62 | (74) | 67 | (69) |
Unrealized (loss) gain | (47) | 134 | (8) | 15 |
Total realized/ unrealized derivatives, net | 15 | 60 | 59 | (54) |
Lead | ||||
Derivatives, Fair Value [Line Items] | ||||
Realized (loss) gain | 30 | (2) | 74 | (159) |
Unrealized (loss) gain | 87 | 1 | 21 | 51 |
Total realized/ unrealized derivatives, net | 117 | (1) | 95 | (108) |
Zinc | ||||
Derivatives, Fair Value [Line Items] | ||||
Realized (loss) gain | 159 | 11 | 160 | (806) |
Unrealized (loss) gain | 37 | 4 | 120 | 246 |
Total realized/ unrealized derivatives, net | $ 196 | $ 15 | $ 280 | $ (560) |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Supplementary Cash Flow Information | ||||
Unrealized (gain) loss on gold and silver rounds/bullion | $ (35) | $ (610) | $ 31 | $ (459) |
Realized loss on gold and silver rounds/bullion | 1 | 2 | 1 | 3 |
Unrealized foreign currency exchange loss (gain) | 75 | (1,560) | 316 | 58 |
Other | 60 | 17 | 93 | 39 |
Total other operating adjustments | $ 101 | $ (2,151) | $ 441 | $ (359) |